Siraj Fund Management Company becomes first corporate in Palestine to join UN-supported PRI

Feb. 1, 2018 1:26 P.M. (Updated: Feb. 5, 2018 4:26 P.M.)

BETHLEHEM (Ma’an) -- The Siraj Fund Management Company (SFMC) announced today that it has signed on to the United Nations (UN)-supported Principles for Responsible Investment (PRI), becoming the first corporate entity in Palestine to join the organization.

The PRI is recognized as the leading international global network of asset managers, investors and service providers, who are committed to integrating environmental, social and corporate governance (ESG) considerations into investment decision-making and ownership practices.

“We are proud to become the first signatory in Palestine to the UN-supported investment initiative,” SFMC said in a statement.

“SFMC sees responsible investment as fundamental to its business practices and integral to its mission to support development and job creation in Palestine,” said Abdallah Sabat, SFMC’s managing partner.

“Becoming a signatory to the PRI principles will empower SFMC’s capacity to advance the economy and aid the growth of Palestinian businesses.”

SFMC has a tailored ESG policy in place which covers issues – from climate change to labor rights to social welfare. Joining the PRI initiative was recognized as an important step in the company’s commitment to comply with internationally recognized guidelines for environmental safeguarding and social responsibility. SFMC will join over 1,750 signatories, from over 50 countries, representing approximately US$70 trillion.

After the success of SFMC’s first fund, Siraj Palestine Fund I (SPFI), which invested in 14 companies operating in Palestine across high growth sectors, SFMC is raising capital for its second fund, Siraj Palestine Fund II (SPFII). SPFII, which is expected to close in 2018 at $100 million, will pursue a similar investment strategy of long-term capital appreciation in a diverse portfolio of Palestinian companies.